XML 28 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 74,052 $ 70,228 $ 73,749
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 38,776 22,888 18,202
Stock based compensation 820 364  
Gain on sale of investments     (17)
Unrealized loss on investments, net   26 1,872
Equity in (income) loss from unconsolidated joint ventures, net of distributions (12,913) (2,758) 1,298
Deferred income tax (10,677) 4,490 15,977
Cost of real estate sold 82,610 46,384 55,933
Expenditures for and acquisition of real estate to be sold (77,796) (97,535) (47,318)
Accretion income and other (2,513) (1,274) (810)
Loss on disposal of property and equipment 16 181 270
Gain on contributions to unconsolidated joint ventures (718) (2,738) (3,558)
Gain on insurance for damage to property and equipment, net   (9,835) (4,853)
Loss on extinguishment of debt 133 130  
Changes in operating assets and liabilities:      
Other assets (9,178) 15,317 (6,372)
Deferred revenue 11,149 2,684 8,568
Accounts payable and other liabilities 10,088 (331) (1,144)
Net cash provided by operating activities 103,849 48,221 111,797
Cash flows from investing activities:      
Expenditures for operating property (133,783) (251,809) (149,199)
Expenditures for property and equipment (6,182) (7,348) (4,302)
Proceeds from the disposition of assets 71 49 34
Proceeds from insurance claims   9,835 4,853
Purchases of investments - debt securities (37,407) (97,133) (157,928)
Maturities of investments - debt securities 79,000 92,000 117,000
Sales of investments - debt securities   53,901 36
Sales of investments - equity securities   424 325
Sales of restricted investments     1,173
Capital contributions to unconsolidated joint ventures (2,305) (2,505) (9,389)
Capital distributions from unconsolidated joint ventures 676 12,025 1,020
Payments for interest in unconsolidated joint venture     (495)
Maturities of assets held by special purpose entities 787 785 787
Net cash used in investing activities (99,143) (189,776) (196,085)
Cash flows from financing activities:      
Capital contributions from non-controlling interest 1,430 3,823 3,189
Capital distributions to non-controlling interest (2,242) (2,433) (1,247)
Additional ownership interest acquired in Pier Park North JV   (7,695)  
Repurchase of common shares   (19,972)  
Dividends paid (25,664) (23,497) (18,844)
Borrowings on debt 121,839 184,476 69,300
Principal payments for debt (53,491) (20,228) (2,327)
Principal payments for finance leases (153) (121) (104)
Debt issuance costs (958) (1,895) (1,398)
Net cash provided by financing activities 40,761 112,458 48,569
Net increase (decrease) in cash, cash equivalents and restricted cash 45,467 (29,097) (35,719)
Cash, cash equivalents and restricted cash at beginning of the year 45,303 74,400 110,119
Cash, cash equivalents and restricted cash at end of the year $ 90,770 $ 45,303 $ 74,400